Goldman/Jefferies/Citi CMBS Conduit Prices Wide

The 9.85-year, super-senior A-5 tranche from a $1.2 billion CMBS conduit from Goldman Sachs, Jefferies and Citigroup priced five basis points wide of guidance at 105 basis points over swaps.

The deal, called GSMS 2013-GCJ14 priced its short dated, 2.47-year, class A1 tranche at 55 basis points, according to a pricing term sheet. The class A-2, triple-A’s with a weighted average life of 4.87-years priced at 75 basis points and the A-AB notes rated triple-A priced at 100 basis points.

The deal is backed by 84 commercial mortgage loans secured by 132 properties.

Approximately $36 billion in fixed rate conduit deals has been issued this year, according to a Bank of America Merrill Lynch report. Another $9 billion in conduit deals will have to price during the remainder of the year to reach the bank’s 2013 issuance forecast for the sector.

The market is likely to reach this goal as signs don’t show appetite for CRE financing abating, said BofAML analysts in the report.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.